Defense group Thales '03 sales drop 4.7%, Q4 sales rise

LONDON (CBS.MW) -- Thales
HO, -1.43%
the French defense group, said 2003 revenues dipped 4.7 percent to 10.588 billion euros, or a 0.1 percent rise on a comparable basis. Fourth quarter sales on an organic basis improved 6.5 percent, vs. a 3 percent decline through the first nine months of the year. It said exchange rates hit revenues by 378 million euros for the year, though by less so in the fourth quarter. Of its key units, defense sales eased 1.6 percent to 6.62 billion euros, or a 0.4 percent rise on an organic basis, as communication activities mainly in France and in Asia offset the slight decreases witnessed in other activities, in particular its Sawari 2 and Mirage 2000 line. Increased sales in simulation and avionics activities lifted aerospace by 0.3 percent to 1.795 billion euros for the year, while IT&S revenues slid 17.1 percent to 2.069 billion euros on the decline in civil telecom business and the economic environment in the first months of 2003. Shares were last up 0.5 percent.

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